The present invention relates generally to the art of transaction cards. More particularly, the invention relates to an improved transaction card system having security features for preventing unauthorized usage.
Transaction cards, such as credit cards, debit cards, access cards and the like, have gained widespread use. While transaction cards provide convenience for users, fraudulent use is also prevalent. Fraudulent use may occur through postal theft, counterfeiting and through stolen cards. It is believed that credit card companies suffer losses due to fraud each year in the hundreds of millions of dollars. These losses must ultimately be borne by the consumer in the form of higher prices.
While there have been attempts to prevent fraudulent use of transaction cards, a further need exists for a novel transaction card system.